The US labor market exceeded expectations with a staggering addition of 254,000 new jobs in September. Experts predicted the number would be around 150,000.

Meanwhile, the unemployment rate fell from 4.2% in August to 4.1% in September.

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“You really couldn't really ask for a better report on the economy — coupled with the revelation that port strike it's not going to be a protracted issue and that at least for months, it's not going to be an issue,” Chicago Federal Reserve President Austan Goolsbee said. Bloomberg Television on Friday. “That's two very good news.”

Experts note that last month's interest rate cut is still taking effect and could boost sales in sectors that use borrowing rates, such as cars and homes. More cuts are expected at the Fed's next two meetings in November and December.

Inflation has slowed from its peak around 9% in 2022although it still remains slightly above the Fed's 2% target.